Quebecor World will cut 886 job cuts in North America, Sweden and the U.K. as it reported second quarter net income of $10 million from continuing operations, a decline from $16 million last year.
Management said these results do not include a “non-core group of assets slated for sale.”
The printing giant said that 63 new jobs will be created at other facilities as part of the restructuring.
The Montreal company reported consolidated revenue of $1.49 billion for the quarter ended June 30, up slightly from $1.47 billion last year.
“These reflect the loss of an important customer in the UK, the underperfomance of our French operations and our U.S. magazine platform as well as continuing global price pressures,” said CEO Pierre Karl Peladeau in a statement. “We are implementing our plan to address these issues by investing in new, more efficient technologies, aggressively seeking additional volume and reducing costs.”
Quebecor prints magazines, inserts and circulars, catalogs, direct mail and offers a variety of direct marketing services.
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